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The Main Street Extended Loan Facility (MSELF) provides up to $2.3 trillion in loans.

The TGG MSELF Loan Organizer Toolkit will help you qualify, apply and secure yours.

The Main Street Loan Facility allows banks to originate 4-year loans to companies employing up to 10,000 workers or with revenues of less than $2.5 billion*.

*among other qualifying criteria

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$10B

EIDL

$350B

SBA PPP

$600B

MSELF

Join Matt Garrett, CEO of TGG, for the Bonfire Chats series

Episode 1 explores the Main Street Loan Program, how this loan can help your business, who it is right for, and what you need to do to apply for, and get your funds.

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We have developed a toolkit to help business owners walk through the process of securing the Main Street Loans.

The eligibility review is free.

The full toolkit includes a step by step walkthrough with encrypted and secure automated review of uploaded documents. The full toolkit is $750 paid on completion of the eligibility portion of the toolkit below. For a personal TGG guide through the process, the cost is only $1,500.

Main Street Loan Criteria

UPDATED:

The Federal Reserve Board on Monday, June 9th, 2020 expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans.

UPDATED [6/9/20] Main Street Loans Eligible Borrower Criteria:

  • Lowering the minimum loan size for certain loans to $250,000 from $500,000;
  • Increasing the maximum loan size for all facilities;
  • Increasing the term of each loan option to five years, from four years;
  • Extending the repayment period for all loans by delaying principal payments for two years, rather than one; and
  • Raising the Reserve Bank’s participation to 95% for all loans.

Original Main Street Loans Eligible Borrower Criteria:

  • You are an eligible borrower if you are a business with up to 10,000 employees
  • Your business has up to $2.5 billion in 2019 annual revenues.
  • Your business is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States.
  • You and your business partners may not also participate in the MSELF or the Primary Market Corporate Credit Facility.
  • You must not use the Main Street Loan to repay other loan balances.
  •  You must attest that you need the Main Street Loan because of financial hardship caused by COVID-19, and that, you will make “reasonable efforts” to maintain payroll and retain employees during the term of the Main Street Loan.

An Eligible Main Street Loan is an unsecured term loan originated on or after April 8, 2020, with the following features:

  • 4 year maturity;
  • Amortization of principal and interest deferred for one year;
  • Adjustable rate of SOFR + 250-400 basis points;
  • Minimum loan size of $1 million;
  • Maximum loan size that is the lesser of (i) $25 million or (ii) an amount that, when added to the Eligible Borrower’s existing outstanding and committed but undrawn debt, does not exceed four times the Eligible Borrower’s 2019 earnings before interest, taxes, depreciation, and amortization (“EBITDA”); and
  • Prepayment permitted without penalty

All Banks in the US are eligible to originate the Main Street Loans.

Read the entire Federal Reserve Press Release HERE: https://www.federalreserve.gov/newsevents/pressreleases/monetary20200409a.htm

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